The ASX 200 index gained 19.20 or 0.5% to 5,481.40 and the broader All Ordinaries increased 19.30 to 5,462.70.

U.S. Stocks in Review

American International Group Inc (AIG) decreased 3% or $1.52 to $51.20 after the insurance company reported first-quarter net income declined to $1.61 billion or $1.09 a share from $2.21 billion or $1.49 per share.

Avago Technologies Ltd (AVGO) surged 4% to $66.89 as the company is likely to complete its acquisition of LSI Corp. Avago is scheduled to be included in the S&P 500 index.

Discovery Communications Inc (DISCA) dropped 4% to $74.76 after the educational television channels operator reported less than expected first-quarter revenues of $1.41 billion.

Office Depot Inc (ODP) soared 16% to $4.85 after the office supplies retailer reported wider-than-expected loss and said it plans to close 150 stores this year and a total of 400 stores in two years.

The retailer has 1,900 U.S. stores at the end of the March quarter.

The retailer said same-store sales in the first-quarter declined 3% after declining 4% in the previous quarter and raised its full-year adjusted earnings outlook to at least $160 million from the previous estimate of $140 million.